According to Deadline, his version will be “loosely” based on the original 1883 novel by Carlo Collodi, The Adventures of Pinocchio, as opposed to taking inspiration from the 1940 animated film. Peter Hedges is writing the treatment. He’s best known for writing What’s Eating Gilbert Grape?, About a Boy (movie and TV show), Dan in Real Life, and The Odd Life of Timothy Green, which elicited these reactions from two small kids:

I’m not saying that this will be the reaction to a live-action Pinocchio, but this is what happened when children left a Peter Hedges movie. Just imagine what that reaction will be when it involves a live-action puppet.